Current Affairs& GK for Banking/SSC Exams- 30th September 2016

Dear Readers, we are presenting Daily Current Affairs for All Exams- 30th September 2016.

Current Affairs& GK for Banking/SSC Exams

1. Defence Acquisition Council clears proposals worth Rs 1,900 crore

1. The Defence Acquisition Council (DAC) has cleared proposals worth 1,900 crore rupees (close to $3 billion). All these approved proposals will be executed under ‘Buy India’ by Indian contractors. Decision in this regard was taken by DAC meeting chaired by Union Defence Minister Manohar Parrikar in New Delhi.

2. Proposals cleared by DAC are

i. Weapons repair facility at Port Blair at a cost of Rs 450 crore. Anti-tank guided missiles for training purpose of the army. It is worth of 405 crore rupees.

ii. Electronic warfare system for low intensity conflict in Jammu and Kashmir. It is worth of 330 crore rupees.

iii.Mumbai based Defence shipyard Mazagon Dock will get a repair facility for Scorpene submarines at cost of Rs 725 crore. The dock is constructing six Scorpene submarines for Indian Navy.

1. Noted Dalit voice, poet and Telugu writer Prof.Kalakaluri Enoch was conferred with the prestigious Moortidevi Award of Bharatiya Jnanpith for the year 2015.

2. The prestigious literary award was bestowed upon him for his novel Anantajivanam by Veteren art historian Dr Kapila Vatsyayana function in New Delhi.

3. His novel Ananta Jeevanam depicts the struggle of the downtrodden, weak and the common man in Rayalaseema to preserve the historical and cultural inheritance of the region during a devastating cyclone.

3. 2016 BRICS Labour & Employment Ministerial Meet held in New Delhi

1. The 2016 BRICS Labour & Employment Ministerial Meet was held in New Delhi from September 27- 28, 2016 to deliberate on issues including job creation and social security for workers. The two day meeting saw the participation of the five major emerging BRICS economies viz. Brazil, Russia, India, China and South Africa.

2. The BRICS Labour and Employment Ministerial Declaration was also adopted at the end of these discussions. Member countries proposed strong interventions and actions in areas concerning social security, employment generation and formalization of labour markets leading to inclusive and sustainable development.

4. Renowned Bangla writer Syed Shamsul Haq passes away

1. Syed Shamsul Haq, one of Bangladesh’s best known writers passed away 27 September 2016 in Dhaka, Bangladesh. He was 81 and was suffering from lung cancer.

2. Mr. Haq’s literary life and career spread across genres and was known for equal mastery over novels, poetry, essays and plays. He was also vocal against religious fundamentalism.

5. Railways Ministry launches various Railways Services

1. Railways Minister Suresh Prabhakar Prabhu launched various Railways Services and dedicated them to the nation. These Railways services are:• Liberalised station to station special freight rates policy.

• Policy giving preference to local domicile holders for commercial licenses at stations.• Policy providing sub quota of 33% to women within reserved categories for the allotment in catering units.

• Launch of the new tag Train at a Glance 2016 and new Time Table effective from 1 October 2016.

• New system of allocating vacant berths after final charting to wayside stations.

1. The Union Government notified the constitution of the Monetary Policy Committee (MPC).

2. The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability.

3. As per the provisions of the RBI Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBI. The other three Members of MPC will be appointed by the Central Government.

4. In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, the Union Government has accordingly constituted the Monetary Policy Committee of RBI, with the following composition:• The Governor of the Bank: Chairperson, ex officio • Deputy Governor of the Bank, in charge of Monetary Policy: Member, ex officio

• Pami Dua, Director, Delhi School of Economics (DSE): Member • One officer of the Bank to be nominated by the Central Board: Member, ex officio • Chetan Ghate, Professor, Indian Statistical Institute (ISI): Member

The Members of the Monetary Policy Committee appointed by the Union Government will hold office for a period of four years, with immediate effect or until further orders, whichever is earlier.

7. Union Government decides to raise EPFO Investment in ETF from 5 to 10 per cent

1. The Union Government on 30 September 2016 decided to raise the Employees Provident Fund (EPF) investment in Exchange Traded Fund (ETF) from existing 5 per cent to 10 per cent.EPFO- Investment 2. The decision has been taken considering the good returns in ETF investment.

3. An official release said, in the last one year, the Employees Provident Fund Organisation (EPFO) has invested 6577 crore rupees. The investment has yielded a good return of 13.24 per cent.

4. The past performance of the last six months from April, 2016 to August, 2016 also showed gradual appreciation in the returns from 0.37 per cent in March 2016 to 13.24 per cent in August 2016. Five per cent EPF has been invested in NIFTY 50 and SENSEX.

8. International Translation Day observed across the world

1. The International Translation Day was on 30 September 2016 observed across the world with the theme Translation and Interpreting: Connecting Worlds.

2. This is the annual event for the translation community and event is marked with a series of dedicated events, seminars and symposiums across the world.

9. Patna High Court quashes Bihar Prohibition of Liquor Act

1. Patna High Court quashed Bihar government notification completely banning liquor in the state. The court said that the notification is ultra vires to the Constitution.

2. A division bench of the court comprising Chief Justice Iqbal Ahmed Ansari and Justice Navaniti Prasad Singh quashed the 5 April 2016 notification of the state government to stop consumption and sale of alcohol in the state.

3. The court in its verdict said that the notification is ultra vires to the Constitution, hence not enforceable. The same bench had on 20 May 2016 reserved its order on a batch of writ petitions filed by Liquor Trade Association and many individuals challenging the liquor law which has stringent penal provisions.

10. Union Government launched Progress Panchayat to reach out to minority community

1. The Union Government launched Progress Panchayat. This Panchayat is aimed at reach out the minority community and publicize the various welfare measures taken by the NDA government for their betterment.

2. The programme was kick started by Union Minister of State for Minority Affairs (independent charge) Mukhtar Abbas Naqvi from Mewat region of Haryana.

3. The programme will be organized in 100 places across the country in the coming days where Union Ministers will interact with people about the several schemes.

4. During the programme, the government will also seek feedback and suggestions from the people for better implementation of the welfare schemes.

11. Kotak Bank to acquire 99.5% stake in BSS Microfinance

1. Kotak Mahindra Bank Ltd on Friday said it has executed a share purchase agreement for the acquisition of 99.49 per cent of the equity shareholding of BSS Microfinance Pvt Ltd (Company) from its existing shareholders for an aggregate cash consideration of Rs 139.2 crore.2. BSS Microfinance is a non-banking finance company, classified as a NBFC-MFI. The transaction is subject to obtaining all necessary regulatory and other approvals, including from the Reserve Bank of India.

3. As on June-end 2016, BSS had microfinance loans of Rs 483 crore.

12. IOB gets new executive director

1. The Centre has appointed R Subramania Kumar as Executive Director of Indian Overseas Bank.2. Prior to this appointment, Kumar was Executive Director of Indian Bank.

3. Kumar assumed charge as Executive Director at Indian Overseas Bank on Thursday, sources said.4. Meanwhile, Atul Agarwal -- who has been Executive Director at IOB since September 2013 -- is to superannuate on Friday.

5. IOB has been without a chief executive for some months now. The Banks Board Bureau is learnt to have few days ago conducted interviews for the post of Managing Director & Chief Executive Officer of IOB.